01 April 2012

ABU DHABI'S Aldar Properties, rescued twice by the government with bailouts totalling $10 billion amid a property slump, may merge with local rival Sorouh Real Estate in a state-backed tie-up.

A merger of the top two developers in the emirate will create one of the largest property firms in the region by assets with more than Dh54 billion ($15 billion).

“We’ll do it if it’s good for both companies,” Sorouh’s managing director Abu Bakr Seddiqi Al Khoury said.

Any merger decision will be made in the next three months after a joint committee assesses the matter, the companies said.

• Bids invited for Abu Dhabi Louvre
• DIP work reaches milestone
• Update
• Emirates Glass opens new line
• Belhasa secures Fewa pipe project
• Fujairah terminal on track
• Dubai tunnels work nears completion
• Leister tools help set up plant in Abu Dhabi
• BIM roadshow registers major success
• German firm to design solar park
• Plant marks 1,000 safe days
• Siemens to build substation
• John Crane upgrades regional head office
• Aldar, Sorouh may merge

Tags

Regional News UAE Focus Events Diary Legally Bound Dubai Review gulfBID Fujairah City Centre Project Qatar sbie Carpets & Floor Coverings Paints & Coatings Air-conditioning & Refrigeration Decorative Glass Loaders Just Out Tenders Computers Advertorial

Gulf Construction is the undisputed leading trade journal for the building and construction industries of Saudi Arabia and the other Gulf states. The magazine provides editorial coverage on a wide range of topics which are of interest to industry professionals. In addition, regular features highlight technological developments within specific industry fields. Launched 40 years ago, the magazine has established an enviable reputation as an authoritative, respected journal with unmatched coverage of the Gulf region. Gulf Construction is essential reading for anyone with a serious interest in the region’s building and construction industry.